Investor Presentaiton
Financial Projections
Projections Overview
Development Plan at Strip¹:
Gross wells added to Production: 286
Gross DUCs:
"
Permian: 50
Eagle Ford: 3
Bakken: 8
DJ: 128
Gross AFEs:
"
Permian: 48
Eagle Ford: 2
Bakken: 9
DJ: 2
Gross Undeveloped:
Permian: 9
Eagle Ford: 7
Bakken: 14
DJ: 6
2022E Guidance:
EBITDA at Strip Pricing: $432MM
EBITDA at $90/Bbl Flat Pricing: $364MM
Daily Production: 20.5 MBoed
Projected Capex: $161MM
Business plan expected to generate significant
free cash flow from day one and operate from
a net cash position from the closing of the
Business Combination
2022E Metrics
Benchmark Price ($ / Bbl)5
Benchmark Price ($/ MMBtu) 5
Oil Production (MBO)
Gas Production (MMcfe)
Total Production (MBoe)
Daily Production (Boed)
% Oil
Oil Revenue
Gas Revenue
EBITDA
EV/EBITDA
Interest Expense
Cash Taxes
Capex
Free Cash Flows
Pre-SPAC Current Total Debt
Pre-SPAC Current Net Debt
Strip²
3
Consensus³ $90/$4.504
$99.49
$99.92
$91.11
$6.83
$5.66
$4.53
3,854
3,854
3,854
21,842
21,842
21,838
7,494
7,494
7,493
20,533
20,533
20,529
51%
51%
51%
$373
$375
$339
183
154
116
Total Revenue
$556
$528
$455
Hedging Settlements
(42)
(36)
(16)
Net Revenue
$514
$492
$439
Production Expenses & Production Taxes
($68)
($66)
($62)
Management Fees and G&A
(13)
(13)
(13)
Total Operating Expenses
(82)
(80)
(75)
$432
$412
$364
3.1x
3.2x
3.6x
($1)
($1)
($1)
(23)
(22)
(18)
(161)
(161)
(161)
$247
$228
$184
$47
$47
$47
(26)
(26)
(26)
Pre-SPAC Current Net Debt / 2022E EBITDA
(0.1x)
(0.1x)
(0.1x)
Clear visibility to 2022 operating plan with 98% of production coming from existing and in-progress wells
Note: EV/EBITDA based on $1,320mm enterprise value
1. Development plan based on 4/1/22 effective date
2. Based on NYMEX strip pricing as of 5/11/22
3. Based on 30-day average Bloomberg consensus pricing as of 5/11/22
4. Assumes WTI price of $90.00/Bbl and HHUB price of $4.50/MMBtu beyond Q1 2022
5. Includes Q1 2022 price of $94.45/Bbl and $4.62/MMBtu based on historical pricing
6. Total and net debt figures (inclusive of working capital) as of 5/1/22
GRANITE RIDGE
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